Digital life insurance provider Singapore Life has agreed to acquire the business portfolio of Zurich Life Singapore.
As per the deal, Singapore Life will be responsible for all of Zurich Life Singapore’s customers’ policies covering life, critical illness and disability benefits that amount of $4.51bn (SGD6 bn).
Financial terms of the acquisition have not been disclosed.
The deal follows Zurich Life Singapore’s closure to new business in December 2015.
It does not affect any of Zurich’s other life or commercial Insurance businesses in Singapore, including Zurich International Life and Zurich Insurance.
The transfer of all policies from Zurich Life Singapore is anticipated to complete in the first half of this year, after receiving confirmation from the High Court.
Policyholders of Zurich Life Singapore who will be transferred to Singapore Life are expected to continue with the existing terms and conditions of their policies.
The services will include 24/7 access to their policies online and can take full advantage of online capabilities to manage their policies, either on their own or together with financial advisers. All existing relationships between customers and their financial advisers will be maintained as well.
Singapore Life CEO Walter de Oude said: “Singapore Life is thrilled to offer a new home to Zurich Life Singapore’s customers, and to continue enhancing their experience of owning insurance for many years to come.
"Singapore Life is built on the belief that technology will create a better kind of insurance company. Everybody needs life insurance and Singapore Life, being a digital insurer, makes it a better and easier experience.”
Singapore Life stated that impacted customers will receive information from the two companies regarding the personal details of their transfer early this year.
Zurich Life Singapore CEO David Kneale said: “This decision is in line with Zurich’s strategy to optimise its portfolio and geographical footprint, and follows an extensive process to ensure that existing policyholder terms and conditions are safeguarded.
“We are confident our customers will continue to enjoy a high level of service and security with Singapore Life. We remain fully committed to growing our commercial insurance business in Singapore and maintaining excellent customer service for our international life customers who are not impacted by the transfer.”
Image: Singapore Life to acquire Zurich Life’s Singapore subsidiary. Photo: Courtesy of adamr/FreeDigitalPhotos.net.